Boxer Retail Limited said on its website that CEO Marek Masojada will retire at the end of February 2027, after more than three decades with the discount retailer.
Masojada, 61, joined Boxer in 1993 when the chain had five stores and an annual turnover of about R120 million. He spent 25 years leading the finance function, became managing executive in 2019 and took the chief executive role in 2024. During his time the company grew to roughly 600 stores and listed on the Johannesburg Stock Exchange in November 2024.
The board has appointed internal candidate Justin Galloway as CEO-designate with immediate effect. Galloway, a chartered accountant, has been with Boxer since 2012 and has held senior roles in finance, store operations and supply-chain management. He will assume the chief executive position on 1 March 2027, after a five-month hand-over period with Masojada, who will stay on until November 2027 to support the transition.
Boxer’s interim results for the 26 weeks to 30 August 2026 show a 6.3 % rise in turnover to R24.1 billion and a 9.1 % increase in headline earnings to R565 million. Trading profit grew 8.1 % to R1.006 billion and the gross profit margin improved to 20.7 %. The retailer opened 24 net new stores in the first half of its financial year, reaching the 600-store milestone and remains on track to open 60 net new stores for the full 2027 financial year.
The leadership change comes as Boxer continues to expand while South African consumers face pressure from high inflation and rising operating costs. For suppliers, many of which are small-to-medium enterprises, a stable management team offers continuity in ordering and payment cycles. For shoppers, the company’s focus on affordable prices is expected to remain unchanged under Galloway’s guidance.
Boxer’s board said Galloway’s deep knowledge of the business and its customers positions him well to drive the next phase of growth. The company also declared an interim dividend of 49.93 cents per share, up 10.2 % year on year.
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Masojada reflected on his three-decade tenure, saying he was “incredibly proud of how Boxer has grown” and that he would retire “knowing that the business is in a strong position”. He highlighted the role of “many talented people” who continue to serve “as the People’s Champion”, underscoring the cultural continuity that the board hopes to preserve as the new chief executive steps in.
Galloway expressed his enthusiasm for the role, noting that working across finance, store operations and supply-chain management had given him “a strong understanding of its customers, employees and operations”. He described leading a “business valued by so many South Africans” as a privilege and pledged to “build on the strong foundations that have been established under Marek’s leadership”. This sentiment aligns with the board’s view that his varied experience equips him for the next growth phase.
The succession plan was triggered by the governance framework adopted when Boxer listed on the JSE in November 2024. The board evaluated both internal and external candidates before selecting Galloway, a decision that follows the formalised process required for listed entities to ensure transparent leadership transitions. This approach satisfies regulatory expectations for succession planning in public companies.
During his time overseeing supply-chain operations, Galloway helped construct the distribution network that underpins the retailer’s expanding footprint. He focused on boosting operational efficiency and navigating periods of disruption, actions that contributed to the retailer’s ability to open 24 net new stores in the first half of the financial year and stay on track for 60 new outlets in the full 2027 year.
The phased hand-over, scheduled for five months, will see Galloway and Masojada collaborate closely to transfer knowledge on strategic initiatives, supplier relationships and cost-management tactics. Masojada’s continued presence until November 2027 provides a safety net for the executive team, ensuring that critical decisions are supported by his institutional memory.
In the interim results covering the 26 weeks to 30 August 2026, Boxer reported an implied like-for-like volume growth of 3.8 %, indicating that sales volumes rose even as selling-price deflation persisted, while profit before tax and capital items increased to R774 million, a rise of 10.6 % (source). These figures complement the previously noted 6.3 % turnover lift and show the retailer’s ability to grow revenue and earnings simultaneously. The data also reflect the effectiveness of cost-control measures that have helped preserve margins amid a challenging consumer environment.
Galloway’s fourteen-year association with Boxer began in 2012, and he entered the group executive in 2020, bringing a blend of finance, operations and supply-chain expertise (source). As a chartered accountant, his progression through senior finance roles to overseeing store operations and later the distribution network has given him a broad view of the business. This breadth of experience was highlighted by the board as a key factor in selecting him over external candidates, reinforcing the internal talent pipeline cultivated since the company’s JSE listing.
The succession plan follows the governance framework that Boxer adopted when it listed on the Johannesburg Stock Exchange in November 2024. Under that framework, the board must document the selection process, disclose the appointment of a CEO-designate, and file the relevant notices with the exchange to satisfy regulatory transparency requirements. Once the appointment is announced, the company files a formal notice of change in executive leadership with the JSE, after which the new CEO-designate assumes the role on the agreed date, in this case 1 March 2027.
The five-month hand-over period is structured to ensure continuity. During this time, the outgoing CEO remains actively involved in strategic discussions, supplier negotiations and cost-management initiatives, while the incoming chief executive shadows these activities to acquire institutional knowledge. The arrangement also allows the executive team to jointly review ongoing projects, such as the rollout of new stores and the optimisation of the distribution network, before the outgoing leader steps back in November 2027.
